FTX Japan has announced via blog post which will continue the withdrawal of fiat currency and crypto assets for customers. According to the statement, the Japan-based subsidiary will allow customers to withdraw funds from February 21.
As declare by a subsidiary of FTX at the end of December, customers can only withdraw funds through their account in Liquid Japan, a licensed crypto exchange in the Japanese payment service acquired by FTX in February 2022.
To proceed with the withdrawal, customers who have funds in their FTX Japan account must confirm their balance of funds and transfer them to their Liquid Japan account. Clients who do not have a Liquid Japan account must open one before transferring assets.
In addition, the FTX Japan subsidiary stated that it sent emails to eligible customers detailing the process and steps to be taken to withdraw funds. Due to the high volume of customer requests, the process may take an unknown amount of time to complete. FTX Japan concludes:
Please note that due to high demand from customers, it may take some time for the withdrawal process to be completed. We will re-announce other Japanese FTX services as soon as possible.
After the FTX disaster in November 2022, FTX Japan has suspended the withdrawal of crypto assets and fiat currencies. Customers of the failed crypto exchange FTX have been unable to access funds worldwide since the company and its trading arm, Alameda Research, filed for bankruptcy and stopped customer withdrawals.
Do Other FTX Subsidiaries Restore Withdrawals?
Failed crypto exchange FTX, once valued at more than $32 billion and with more than a million customers, appointed John J. Ray III as its new CEO to recover its liquid assets, including cash, crypto, and securities. However, many FTX customers wonder how much or if any money will be returned.
The exact timing of the bankruptcy proceedings remains uncertain. However, it took several years for traders and exchange service customers who failed to receive an answer about their missing funds.
FTX Japan can set an example for other FTX subsidiaries regarding customer withdrawals. At Meanwhile, FTX world investors can only wait for more news from the failed exchange and the new management.
Bitcoin continues to attempt an upward breakout facing a significant resistance zone at $25,000. BTC is trading at $24,850 at press time, with a gain in the last 24 hours of 1.3%. In the time frame of seven days, Bitcoin has managed to profit by 14.1%, and in the previous 30 days, Bitcoin rose by 9.4%, with expectations to climb further to $27,000 as the next resistance target.
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